So Much for an Easy Succession

Although a majority of family-business owners recently surveyed by accounting firm of Coopers & Lybrand intended to leave their companies to their offspring, many had done little to ensure that successful transitions will happen.

Q: If you plan to keep the business in your family, what steps have been taken to ensure the family's continuing participation? % of respondents My children and/or family members already participate in the business. 77%

A nonfamily "steward" will manage the business until my children come of age 10